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I.T.A. NO.294/IB OF 1995-96, DECIDED ON 18TH DECEMBER, 1996. versus I.T.A. NO.294/IB OF 1995-96, DECIDED ON 18TH DECEMBER, 1996.

Punjab Capital Gains Tax Rules 1964 Sections 80C (5) and 50 (4) Tax Scope on Contractors and Importers Supply of Primitive Tax Regime (PTR) Assisi Rs 79,30,021 on which to pay the Company Assessment Advantage tax deductible to the responsible person. As per section 50 (4) of the Income Tax Ordinance, 1979, the amount required was Rs. 1,98,251 and it was paid by the Assisi in its account books to the Revenue, of which Rs. 20,75,730. Revenue was shown to the Revenue authorities in view of the provisions of section 8080C, Income Tax Ordinance, ses 1979 1979 advance Aids tax which is paid by Assisi, the profit declared from the supply of Assisi. Only 60 3,,,,,,,,,,,,,,,,,,,,, rupees, rupees, Rs. Profit vii, Rs. 20,75,730 and the amount added through advance tax vii, Rs. 3,60,456 (which is equivalent to Rs. 17,15,272) is justified; the provisions of section 80C (5) of Income Flex. No support from. Ordinance, 1979 For the purpose of proposing that the profit of a CD which was not related to advance tax was deductible under section 50 of the Ordinance, it was able to receive tax under section 80C (5) of the Ordinance Tax. (Tax liabilities) will be considered a final exclusion. 5) The ordinance was not to be taxed on the amount of profit which was not subject to advance tax. The provisions of section 80C (5) of the ordinance would be attracted only if the tax was not satisfied that the declared profit. There was no real profit or it is suspected that Assisi increased its profitability by increasing its other taxable income. top advocate from Ratto Dero lawyer